Client circumstances:
Our clients owned a single-storey, three-bedroom detached bungalow that they had previously lived in. As they did not own any other BTL property, this classified them as accidental landlords with a CBTL property. Faced with a time-critical situation, they needed immediate funding to redeem their existing first-charge mortgage and consolidate credit card debts they had accrued overtime. With tenants currently occupying the property, they had a viable rental investment but didn’t have sufficient time to arrange a traditional buy-to-let mortgage through high street lenders due to the time constraints.
MT Finance solution:
Our underwriting team got to work immediately taking a common-sense approach to review the client’s unique circumstances. After conducting all necessary checks, MT Finance provided a regulated bridging loan of £314,999.99 over a 12-month term at a rate of 0.95%, secured as a first legal charge against the property at 70% LTV.
This solution provided immediate relief from the pressing mortgage repayment deadline while giving the clients breathing space to arrange appropriate long-term BTL financing. The pre-agreed exit strategy was via a BTL refinance, supported by a Decision in Principle already on file.
The benefits:
MT Finance asset-based lending approach focused on the property’s strong valuation and rental income potential ensuring we could provide a swift decision. This was critical in meeting the clients’ urgent deadline.
Find out more:
If you would like to find out more about our buy-to-let mortgages or bridging loans, then we’d love to hear from you. Lending decisions are made very quickly, and funds can often be released within days. Simply fill out this form and we will be in touch.